Did you invest in any realty stock? Well, if you did, you are that much wealthier today! Shares gain between 3% to 14%
There was a sudden love for every realty stock, so much so, that there was a jump in the range of 1% to a massive 14%.
Among the many stocks that saw heavy buying sentiment from investors today were also in the real estate sector. In fact, there was a sudden love for every realty stock, so much so, that there was a jump in the range of 1% to a massive 14%. At around 1308 hours, the S&P BSE Realty was trading at 1,801.83. above by 64.08 points or 3.69%.
In this index, it was Housing Development Infrastructure Limited (HDIL) stock which rose more than 14% in today's trading session. Currently, it was performing at Rs 23.75 per piece, up 13.91%.
HDIL was followed by Indiabulls Realestate trading at Rs 78.70 per piece higher by 9.99%, DLF at Rs 179.50 per piece surging by 4.57%, Godrej Properties at Rs 652.60 per piece jumping by 3,97% and Prestige at Rs 201 per piece above 2.94%.
Other companies that rose were Mahindra Lifespace Developers (+2.28%), Oberoi Realty (+2%), SunTeck (+1.37%), Phoenix Limited (+1.25%) and SOBHA (+0.86%).
Notably, there were not many reasons visible showing why realty stocks saw such upbeat today.
However, recently a Kotak Institutional Equities report mentioned that, Residential real estate sales in September 2018 held the momentum of preceding months with sales of 31.6 mn sq. ft, with declining launch activity (13.1 mn sq. ft in September 2018) helping steadily absorb the legacy build-up of inventories. Sales trends were stronger in the top three cities. Real estate prices remain in a narrow range with all-India prices at `5,381/sq. ft.
The report also explained that, a 37% yoy growth in sales for our coverage universe for 2QFY19 against 6% yoy growth for the industry reflects the continued impact of consolidation in a post-RERA regime.